TVA announces 1.5 percent rate hike

KNOXVILLE — Customers in Tennessee Valley Authority's distribution area will soon see a slight rate increase. The TVA board of directors on Thursday approved a 1.5 percent retail rate increase.

Calling it "less than the economy's modest growth in inflation since TVA's last rate increase in 2011," TVA stated in a news release that the rate adjustment will add about $1.50 to the monthly power bill of a residential consumer using 1,000 kilowatt-hours of electricity.